I want to refiance my moms house with my name on it. Please help.?

Question

I have asked a similar question but because there is no way for me to reply to that original question I have to ask again. Sorry.

Please tell me if this plan seems feasible and legal.

I want to go to county recording office to get my name added to the deed of my moms current home. Just put my name on it, my moms name will stay on the deed as well.

I then want to get my mom's home refianced with my name and her name on it. Currently it only has her name on it.

If I do this, can I legally rent out the house in my name and claim all taxes, interest, and rent loss on my taxes as long as she doesn't claim it on hers?

Reason I need to do this is, my mom doesn't have any income so it doesn't make sense for her to claim these things on her taxes.

And for the people that have asked before, yes my mom knows what is going on, there is no ethical questions here. I'm doing this for our family's well being not just my own as I plan to support my parents at their old age. Thank you

Just wanted to add one more question. If I do this, does this officially make me part owner of the house since I am on the deed as well as my mom? Once the house is paid off could I technically have her removed from the deed legally? Thank you.

One other thing.. is it possible to refinance the loan in only my name even though the deed currently has the name of my mom on it as well? I think this wouldn't be a problem since currently the mortgage is only in my moms name and my dad is on the deed with my mom.

Answer 1

You can have your name in a refinance as a guaranttor. As a result, you can create a Trust Deed which allows you to lodge a caveat on the property so that any re-sale proceedings can only be done with your consent.
Trust Deed can also be suported by documents such as a Lease/Rent Agreement which is above 3 years in contract.

Absolutely possible to proceed with the re-finance as your mom definitely will not qualify for a re-mortgage, hence the son comes in the picture. The legal ownership, however, still remains only in the name of your mom.
If you want your name to show as co-owner, then your mom has to sell you her half-share of the value of the property. A Sales & Purchase Agreement needs to be drawn up for half value.
You need to consult a mortgage officer in the bank to find out which bank accepts half-share mortgage.

Answer 2

Depending on what state you're in, your mom can just deed the house over to you in total and then you'd refinance the house with just your name on it. That way you don't need to be worried about tenants in common or other legalities when unmarried parties co-own property. Also, there won't be any inheritance problems up the road either.

If both of you are on the deed and mortgage I'm thinking you should be able to claim interest and taxes in your name only but you should check with a real estate tax person to be sure.

Answer 3

do no longer undertaking approximately having an immaculate domicile. i'm no longer a stay at domicile mom yet for my area i do no longer know how some women people shop their residences spotless. Their undesirable childrens ought to ought to stay of their rooms all of the time or something. My house is in basic terms spotless on Saturday mornings - this is once I do my weekly cleansing. something of the week I do difficulty-unfastened pickup and wipe down once I get domicile from artwork. I actually set a timer for 10 minutes and don't something yet sparkling. the ten minutes an afternoon keeps it from getting relatively grimy yet skill i do no longer stick to my daughter around all night telling her to %. up her toys (relatively she does that interior the ten minutes cleansing and it keeps them decrease than administration, if there is a few on the floor while we circulate to mattress so what, that's what the subsequent days 10 minutes is for). If 10 minutes a pair circumstances an afternoon isn't sufficient time so which you may get the domicile the way you % then my suggestion may well be to sell around the community for a mom's helper - a youthful teen who can entertain and look after the youngsters for an hour or 2 mutually as you sparkling domicile and do laundry.

Answer 4

You can't do it that way.

Your mother has to sign a new deed, which has to be recorded.

You cannot alter a filed document. It is what it is.

Even if her name was Mabel Braun and her deed read "Mable Brown", you'd need a new instrument to correct the spelling.

You really need to get a lawyer before you really screw things up.

Answer 5

You can't just walk in and have your name added to a deed. Your mother must consent IN WRITING and I would have a lawyer do all the paperwork so that there is no question. Depending upon where you live it may not be as easy as you would like. Good luck.

Answer 6

Your Mom has to do it, not you. This is creeping me out. It sounds like a scheme to get money.